Silver and gold have always had a battle on the precious metals market to see which would end on top. Recently, silver is starting to make its move on gold. For the first time in the past few quarters, silver is trading at $28 per gram (compared to gold at $63 per gram). This is the smallest delta in their prices in months. Now is a great time to sell your silver!
Why are silver and silver coin starting to rise in price?
Because of unforeseen circumstances and the current state of the market, the US dollar is lower than it has been year over year. Historically, when the dollar is low, the price of metals like silver and gold jump high.
Listen to more insights on the matter from FX Empire:
Other Factors Increasing the Price of Silver
The economy and foreign business always have an impact on the international precious metals market. Silver and gold seem to be the most affected. According to MarketWatch, “Hope for some pickup in economic activity, amid optimism over potential coronavirus treatments, also has boosted appetite for silver, which is viewed as both an industrial and precious metal. China’s official gauge of business activity expanded faster in August, with the non-manufacturing purchasing managers index rising to 55.2, compared with 54.2 in July.”
How Can I Make Money from my Silver and Silver Coins?
Since the price of silver is trading traditionally higher, trusted buyers, such as Keno Bros. will pay top dollar for your unwanted metals.
Some questions you will want to ask yourself before you go to get a quote are:
- How many coins/pieces do I have?
- How much do my coins/pieces weigh approximately?
- Are there any costs associated with the quote?
- Is my broker/buyer licensed?
- Do I have proper paperwork/documentation to verify my pieces?
Top Uses for Silver
While gold may have a higher value, there is an argument to be made that silver has more security because more than 50% of silver is used on practical applications, opposed to only 10% of gold. In the past, silver was used as a main source of currency. Now, silver is used for electronics, silverware, photography medicine, coins and much more! Understanding that silver has many uses means that it will retain its value is important.
How can I tell if Silver is Real? At Home Test
If you have silver at home and want to test it to see if it’s real, consider these tips and tricks:
1. The Ice Cube Melting Trick – Silver is a conductor of heat. So if you place an ice cube on silver, it should melt faster than if you were to place the cube on a standard countertop.
2. “Ping” Test – A real silver coin makes a warm ringing sound for a couple seconds upon hitting something hard. Mixes of silver and nickel/copper coins.
3. Magnet Test – Silver has very low magnetic qualities so if you have a strong magnet, hold it close to the suspected silver and see it is attracted to it.
Sell Your Silver South Florida
Keno Bros. paramount interest is creating satisfied clients by delivering maximum value for your silver and top prices paid when you sell silver coins in South Florida. Our services are discreet and reliable with the emphasis on professionalism and integrity. We promise to maximize your payment using the most advanced pricing models and methods, using Gemological testing and all pertinent research.
When applicable we research all actual auction results and Silver pricing databases when evaluating your valuables. Our highly experienced staff includes a Gemological Institute of America (GIA) graduate gemologist, a Master jeweler, two skilled watchmakers, a renowned horologist, and five experienced estate buying specialists. Simply put, we know what we are looking at, and we know what it is worth.
We pay top dollar for your Silver jewelry, contact us today with a convenient location for all of South Florida. Visit our Fort Lauderdale Silver Buyers or contact us today.
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